Financial wellbeing means having the ability to effectively manage finances, make informed financial decisions and set long-term financial goals that aid in business growth.
For entrepreneurs, achieving financial wellness can be challenging as it takes a lot of time, effort, and the right resources. Luckily, organizations like American Express and Vagaro believe in helping small businesses reach their largest goals.
In 2010, American Express created Small Business Saturday, which is a day celebrated annually on the first Saturday after Thanksgiving, and is critical for small businesses during the holiday shopping season. The purpose is help small business owners get more customers, encourage people to shop at independently owned businesses in their area and support their local community.
Vagaro is the leading booking, marketing & management software that hosts a plethora of features specifically designed to get your business found, booked & paid. And like American Express, Vagaro believes in supporting small businesses by providing resources that aid in scalable growth and help sustain & build upon your success.
Read on to learn about the steps you can take to reach financial wellness as a small business owner or entrepreneur. Plus, hear how American Express and Vagaro have helped business owners from the San Francisco Bay Area do just that.
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Set Clear Financial Goals: Define your short & long-term goals, including paying off debt, investing & planning for retirement.
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Create a Budget: Examine your revenue, subtract fixed costs & variable expenses, set aside a contingency fund for any unexpected costs, determine your profit & finalize your business budget.
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Track Expenses: Monitor your spending habits and identify where you can cut back. Use an app that provides helpful, in-depth insights (like Vagaro) to identify business trends and find areas for improvement.
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Reduce & Manage Debt: Pay off high-interest debt first and put a plan in place with actionable steps to reduce any amounts you owe.
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Save Regularly/Invest: Establish an emergency fund that can cover 3–6 months of business expenses.
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Seek Professional Help: Hire a financial advisor that can help educate & guide you toward financial freedom.
Financial wellness encompasses various aspects of business health, including income, expenses, budgeting, saving, investing, debt management, and retirement planning. It goes beyond simply having a high income, and instead focuses on achieving a balanced & sustainable financial reality that supports a business’s overall wellbeing. A salon business has achieved just that with the help of American Express & Vagaro. Hear their stories below & click here to find out how you can elevate your own financial success with the right tools!
